CHARLESTOWN, Nevis, Apr. 11.2018 - THE Nevis government has thus far constructed over 50 homes under the Social Security $10 Million housing plan.
The loan was received in 2017 with the view to constructing low income homes for those in need on the island.
Responding to reporters’ queries on the project at his recently held press conference, Premier, Hon. Mark Brantley, explained that with the sum received they were able to construct 55 homes that are spread across the island.
The largest spread of the houses, he revealed, was constructed in the new development of Maddens.
He said that the citizenry and the government are proud of the homes.
Additionally, the Premier acknowledged that they have sought another sum of $15 Million for more houses, of which, a total of 70 homes will be constructed using those funds.
“...the minister advised that we are well advanced in our discussions with Social Security for an additional $15 million dollars for more housing for our people. And the anticipation is that this should allow us to build just under 70 additional homes and so we would hope to do that because the demand for homes is quite high in Nevis,” Brantley noted.
He revealed that the NIA was able to negotiate terms of three percent for the $10 million loan repayable over 25 years.
That, according to the Premier, has allowed them to offer nationals the opportunity to buy those homes and pay an interest of five percent.
The five percent has allowed the government to keep the mortgage rate between $900 and $1200.
“It is a great way for first time home owners to get a property and it is a way of partnering with them. And we thank Social Security for clearly continuing its mandate and its social outreach and developing our people.”
